Gold Under Pressure Ahead of The Fed

Global gold prices weakened again at the start of European trading on Wednesday (October 28), with XAU/USD remaining below US$4,050 per troy ounce. This decline ends a two-session winning streak, as investors await the Federal Reserve’s policy decision, scheduled to be announced today.

The Fed is widely expected to keep interest rates unchanged at its October meeting. However, market attention will be focused on the policy statement and comments from Fed Chair Kevin Warsh, as investors look for clues regarding the future path of interest rates—specifically the possibility of a hike in December.

Gold price at the time of this analysis: $4,050

- Buy if the price moves to $4,040

- Sell if the price moves to $4,060

Resistance 2: $4,075

Resistance 1: $4,065

Support 1: $4,035

Support 2: $4,028

Note: This article is analytical in nature and does not serve as a definitive recommendation. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.